During an extraordinary session, the ordinary general assemblies of the Petroleum Projects and Technical Consultations Company PETROJET and the Engineering for the Petroleum and Process Industries (ENPPI) approved taking part in financing the phosphoric acid production plant project in the Abu Tartour plateau, New Valley.

The assemblies also approved the signing of the shareholders’ framework agreement and all contracts necessary to begin implementing the project with a production capacity of 250,000 tons annually in its first phase.

During the assembly meeting, which was attended by Minister of Petroleum and Mineral Resources Karim Badawi via video conference, Waleed Lotfy, Chairman of Petrojet, and Wael Lotfy, Chairman of Enppi, reviewed the presented memorandums regarding the two companies’ participation in the project and the resulting procedures.

Badawi emphasized the project’s importance as a national economic endeavor. He highlighted that it will help maximize the added value of phosphate ore by converting it into a finished product instead of exporting it as raw material. This will significantly increase the economic return from exploiting mineral resources and position Egypt on the path to becoming a regional hub for mining industries.

The Minister indicated that this direction aligns with the priorities of the state and the Ministry of Petroleum and Mineral Resources to achieve a tangible increase in the mining sector’s contribution to the national product, raising it from less than 1% currently to 5-6% in the coming period.

On another note, Enppi’s General Assembly approved the company’s participation in the shareholder structure of the Egyptian Sustainable Aviation Fuel (ESAF) Company. The decision stems from the significant value of the project, which holds considerable environmental and strategic importance, and plays a crucial role in meeting the requirements for reducing the aviation sector’s carbon footprint through sustainable fuel.